Starting aÌýsubscription boxes business can beÌýaÌýsmart move forÌýyour blooming ecommerce business. The subscription business model isÌýaÌýgreat way toÌýimprove customer retention when compared toÌýtraditional methods that require constant customer
The subscription market continues toÌýgrow byÌý100% every year, which has enticed major andÌýestablished companies toÌýmake theÌýswitch toÌýrecurring billing. This popularity has aÌýlot toÌýdoÌýwith customers’ growing demand andÌýpreference forÌýconvenient, personalized, andÌý
IfÌýyou have theÌýpassion forÌýit, some consistency, andÌýaÌýdash ofÌýcreativity, you can make aÌýunique subscription business toÌýsell personalized boxes onÌýaÌýsubscription basis. This model can beÌýaÌýfun andÌýworthy venture forÌýmany. SoÌýread onÌýtoÌýsee how you might reap theÌýbenefits ofÌýthis buzzy model inÌýnoÌýtime while creating aÌýstable revenue stream.
There are about 6Ìýessential steps toÌýsuccessfully get started andÌýsell subscription boxes:
- Pick aÌýniche andÌýaÌýunique subscription box business idea
- Create anÌýonline store
- Set upÌýsubscription/recurring payments forÌýyour store
- Research your market andÌýset aÌýprice
- Set aÌýmarketing strategy
- Get started onÌýyour launch phase andÌýstart taking orders
This can beÌýaÌývery competitive market, but forÌýmany entrepreneurs, theÌýpros outweigh theÌýcons. Thankfully, itÌýisÌýeasier than ever toÌýget started onÌýrecurring payments thanks toÌýtheÌýlow startup costs offered byÌýplatforms like 51ÊÓÆµ andÌýtheÌýeasy access toÌýaÌývariety ofÌýinnovative technology out there.
This makes itÌýaÌýgreat time toÌýstart aÌýsubscription box business, with thousands having already made theÌýswitch andÌýreaping great results. Continue reading asÌýweÌýgoÌýinto further detail onÌýall ofÌýtheÌýsteps mentioned above andÌýget you onÌýtheÌýright path toÌýsuccessfully sell subscription boxes toÌýanyone.
Pick aÌýNiche andÌýaÌýUnique Subscription Box Business Idea
Make sure toÌýevaluate your options andÌýchoose something relatable toÌýyour passion andÌýskills, andÌýonce you do, give itÌýaÌýtwist orÌýsimply make itÌýyour own. The cool thing toÌýremember about theÌýsubscription business model isÌýtheÌýfreedom available forÌýsellers toÌýsell anything they want. There isÌýnot one specific idea orÌýproduct needed forÌýthis business model toÌýwork, with many currently making consistent revenue from things like meal prep boxes forÌýmen orÌýwomen toÌýsomething asÌýsimple asÌýaÌýpet snacks subscription box.
Overall, subscription boxes are curated andÌý
Create anÌýOnline Store forÌýYour Subscription Business
Once you have evaluated your options andÌýpicked your subscription business idea andÌýniche, you’ll need toÌýcreate aÌýlanding page space where your customers can learn more about your products andÌýwhere transactions can take place.
AÌýwebsite landing page can encourage your customers toÌýtake action andÌýrecognize you asÌýanÌýhonest andÌýgenuine small business.
DoÌýyou feel like creating aÌýremarkable website that represents your brand andÌýmission isÌýtoo complicated andÌýnot worth theÌýeffort?
SoÌýdoÌýmany other small businesses inÌýyour position. But theÌýtruth ofÌýtheÌýmatter is:
You may find yourself concerned about this part ofÌýtheÌýprocess. After all, itÌýdoes require aÌýlot ofÌýtime andÌýeffort toÌýsuccessfully set upÌýandÌýoperate anÌýonline store. NoÌýdoubt this can beÌýaÌývery daunting process when you don’t have access toÌý
Sellers can easily set upÌýrecurring billing byÌýsimply connecting Stripe payments toÌýtheir store. Stripe provides you with all theÌýnecessary technology toÌýmanage all ofÌýyour customers’ subscriptions. ToÌýlearn more about how toÌýset upÌýanÌýonline store andÌýrecurring payments with 51ÊÓÆµ, check out our recently updated guide How toÌýCreate anÌýEcommerce Online Store with 51ÊÓÆµ.
Ultimately, you don’t need toÌýspend aÌýlot ofÌýmoney toÌýhave aÌývisually appealing andÌý
Set UpÌýSubscription Payments forÌýYour Store
AsÌýbriefly mentioned above, after you have set upÌýyour store andÌýadded your products, you’ll need toÌýadd aÌýrecurring payment method toÌýyour store. The use ofÌýaÌýrecurring billing tool makes itÌýeasy forÌýsubscription business owners toÌýcharge their customers every month, orÌýanyÌýother billing period they decide toÌýchoose. IfÌýyou were toÌýrely onÌýpayment methods like PayPal orÌýemailing your customers whenever aÌýpayment isÌýdue, it’d beÌýextremely difficult toÌýkeep track ofÌýeverything else going onÌýinÌýyour store.
ItÌýisÌývery easy toÌýset upÌýrecurring billing ifÌýyou use aÌýplatform that allows forÌýanÌýeasy andÌýquick setup. Once ready, your customers will beÌýcharged every paid period without having toÌýconstantly put inÌýtheir card information andÌýgoÌýthrough theÌýwhole transaction process over andÌýover again.
ToÌýlearn more about setting upÌýrecurring payments with 51ÊÓÆµ, andÌýsaving your customer’s card information forÌýfuture billing andÌýpurchases, check out Recurring Subscriptions onÌýour Help Center. You’ll find aÌý
Research Your Market andÌýSet aÌýPrice
Now that you have your store set andÌýready, consider researching your niche toÌýunderstand more about your potential customers’ demand, demographics, interest, etc. This will not only help you learn more about theÌýkind ofÌýtarget message that works forÌýyour audience but also help you set anÌýappropriate price forÌýyour products.
Proper market research should help you measure theÌýimpact ofÌýyour prices based onÌýcustomer demand. The key toÌýsuccess isÌýnot solely limited toÌýtheÌýoffering ofÌýaÌýcool subscription box delivered toÌýyour customers, but also inÌýtheÌýoffering ofÌýcompetitive prices that stand out
from theÌýrest. IfÌýyou were wondering how subscription boxes make money, this isÌýitÌýright here.
Set aÌýMarketing Strategy Based onÌýThe Subscription Model
Alright, soÌýnow that you have your store andÌýproduct prices set, you might beÌýwondering: “How doÌýIÌýactually get people toÌýsubscribe?”
The answer seems complicated, yet isÌývery simple!
This isÌýtheÌýpart where you’ll need toÌýget started onÌýplanning, planning, andÌýmore
ItÌýisÌýimportant toÌýmake note ofÌýtheÌýfact that theÌýrecurring billing method isÌýdifferent from aÌýtraditional method like theÌý
This isÌýexactly what weÌýare about toÌýcover here, soÌýread on!
Know Your Value andÌýWhat You Have toÌýOffer
ToÌýsuccessfully market your business andÌýkey messages under theÌýsubscription model, you must first beÌýknowledgeable ofÌýthese andÌýwhy customers prefer toÌýbuy theÌýproduct you sell onÌýaÌýsubscription basis instead ofÌýaÌýsingle purchase.
Here are some ofÌýtheÌýtop reasons many choose toÌýsubscribe toÌýaÌýsubscription box rather than buy products individually:
Savings. Customers love theÌýsavings andÌýprice accommodations you can offer them under aÌýsubscription model. Think about it: stores typically charge more forÌýaÌýsingle product than ifÌýyou were toÌýbuy itÌýinÌýbulk. Also, you can offer lower prices under this model thanks toÌýtheÌýsafety you get from having aÌýreliable andÌýconsistent revenue stream. Take these savings, make them one ofÌýyour key messages toÌýcustomers, andÌýfind aÌýgood way toÌýcommunicate itÌýtoÌýyour audience.
Convenience. Everybody loves aÌýconvenient purchase. WeÌýlive inÌýanÌýera where people have less andÌýless time forÌýmiscellaneous tasks. Many consumers love theÌýidea ofÌýbeing able toÌýrely onÌýtheÌýdelivery ofÌýtheir products toÌýtheir homes atÌýregularly scheduled times. This isÌýwhere your business steps inÌýandÌýoffers aÌýsolution toÌýaÌýcommon problem, making itÌýanother one ofÌýyour key messages.
Experience andÌýExcitement. InÌýtheÌýend, people love theÌýexperience that comes with aÌýsubscription box. The excitement ofÌýnew products added toÌýtheir next delivery, theÌýloyalty andÌýpartnership created between them andÌýyour brand, etc., are all part ofÌýtheÌýexperience they seek. You’ll beÌýsurprised atÌýwhat you can achieve byÌýfinding theÌýbest way toÌýcommunicate toÌýothers about what your brand has toÌýoffer them.
Once you have set apart your key messages, you’ll want toÌýfind theÌýbest communication channels forÌýyour audience.
Just aÌýfew recommendations:
You can choose toÌýset upÌýanÌýemail list andÌýsegment those who have shown interest inÌýyour products.
- You can work with influencers inÌýyour niche with large followings.
- You can choose toÌýcreate aÌýblog with ongoing SEO tactics.
- You can rely onÌýPaid Per Click advertisements, which have proven toÌýbeÌývery helpful.
- You can choose toÌýproduce content that resonates with your audience andÌýawakens aÌýfeeling ofÌýcuriosity.
Education isÌýkey. You’ll want toÌýhave aÌýsolid knowledge ofÌýyour options andÌýfind theÌýbest one forÌýyour specific business needs, not what isÌýworking forÌýeveryone else. You can read more about marketing your subscription business here
Time toÌýLaunch Your Store andÌýStart Selling Your Subscription Boxes
Finally, weÌýhave reached theÌýlast step andÌýprobably theÌýmost important one toÌýstart selling subscription boxes toÌýanyone. Now, all that isÌýleft toÌýdoÌýisÌýtoÌýset upÌýyour store andÌýput together aÌýmarketing plan, isÌýforÌýyou toÌýlaunch your new subscription business andÌýstart selling. This isÌýunfortunately theÌýpart where many become scared andÌýback up. WeÌýare here toÌýremind you nothing happens inÌýtheÌýcomfort zone, andÌýtheÌýbiggest reason many people fail isÌýfear ofÌýstarting.
WeÌýencourage you toÌýtake theÌýleap andÌýgive yourself theÌýopportunity toÌýwork onÌýyour goals. Remember with 51ÊÓÆµ andÌýall ofÌýtheÌýeasily accessible technology out there, you have very little toÌýlose. Take that final step andÌýshare your experience with us!
Ìý
- How toÌýSell Subscriptions: AÌýGuide toÌýGrowing Recurring Revenue
- How toÌýGet More Customers forÌýYour Subscription Business
- Thinking Inside theÌýBox: 10ÌýProduct Ideas forÌýaÌýSubscription Box Business
- Subscription Business Model: How toÌýSwitch Your Customers toÌýMonthly Payments
- 8ÌýSubscription Business Ideas
- How toÌýSell Subscription Boxes toÌýAnyone
- Recurring Payments: Selling Monthly Subscriptions